How To Negotiate Apartment Lease

How To Negotiate Apartment Lease – Negotiations. It’s a love it or hate it word. My palms used to be warm, but now I’m sick, depressed and happy. All it takes is a little practice to become an expert negotiator.

As a Chicago rental agent specializing in professionally managed apartment complexes, I am often asked if rents are negotiable. The answer is – not really. But – that doesn’t mean you can’t use strategies to help you get more out of pocket.

How To Negotiate Apartment Lease

How To Negotiate Apartment Lease

While independent landlords of small resorts can negotiate rents, large property managers are unlikely to enter.

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How could that be? For starters, luxury apartment buildings are often owned by large corporations, which manage hundreds or even thousands of units. Gone are the days of sending tenancy agreement letters back and forth; They use an algorithm to calculate what the market rent might be and then price rates accordingly.

Is your bill of sale broken? This should make you happy – your rent isn’t the only factor affecting your cost of living. Even in properties where the rental price is “written in stone”, there are still many ways to keep more money in your pocket.

All you need to do is figure out how to get a rental discount and focus on the big picture instead of…

If you can’t negotiate a lower rent for your apartment, ask your rental agent to find apartments that offer a deal that will save you money up front.

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To entice people to sign a license, house managers will often offer weekly or monthly deals. A popular deal is to give new residents a month (or more) of free rent. Pretty sweet, right?

Other offers I’ve seen are certain dollar amounts or administrative fees that are waived if you apply for an apartment within a day or two of travel. These special rental deals can save you a lot of dough, you might even get that great deal after the deal.

If you sign a lease for longer than one year, your monthly rent may be lower than if you sign a 12-month lease. Choosing a lease term between 13 and 18 months can help you save hundreds of dollars over time.

How To Negotiate Apartment Lease

It seems obvious, right? A smaller unit will likely have a lower rental price. But if you’re smart about choosing a floor plan without wasting space, you don’t have to compromise on space.

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For example, let’s say you have your heart set on an apartment building. If you are open to looking beyond the traditional bedroom, you can take a big change or a small room. And depending on the unit, such a room can be the best use of square meters

Another secret way to save: generally the rent is more expensive on higher floors. So if you see a unit you like in a high-rise, ask if it’s possible to get a similar unit on a lower floor for a lower price.

There’s a lot you can do with a big home conversion, like this great floor plan in Old Town Park II, while saving on costs compared to a traditional one-bedroom unit.

If you’re sacrificing closet space for a smaller unit with cheaper rent, don’t start listing your stuff on Craigslist right away.

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In most large apartment buildings, storage is available for a monthly fee. Be a smart negotiator and ask for one of them to be included in your lease, free of charge.

While your rental price is set in stone, a parking garage can be a great area to spend on price.

Parking in downtown Chicago isn’t cheap, so getting a discount on parking at your apartment building is a big plus. Ask about parking rates when you negotiate the lease. Property managers will sometimes receive up to several months of free parking to close the deal.

How To Negotiate Apartment Lease

Fortunately, most luxury apartments are pet-friendly. However, there will be a cost. Your desperate friend can’t get a job to pay for their care, but you can negotiate an agreement to reduce or eliminate the cost.

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My best advice – be prepared. Show a certificate your dog has completed from a training session and bring a letter from your previous owner with a glowing review of your good dog. Maybe the property manager will appreciate that you’re not trying to spoil them (like dozens of other potential tenants) and might just be willing to waive your pet’s monthly rent.

Pro tip: If you have a medical diagnosis that requires a documented service animal or emotional support animal, these costs are waived under the Fair Housing Act. However, a recent update to the rules gives property owners more options to view this document. Therefore, we do not recommend trying to achieve this unless you have a genuine medical reason.

When clients ask how to get a discount on rent, I always ask them where they work. The reason is that your company may be on the list of preferred employers with special discounts.

For example, one of my clients works at a hospital in the Illinois Medical District. The West Coast Condominium has an incredibly generous discount for preferred employer registration. You can get two months free rent, maintenance fees and concessions and free pet rent. That saves about $5,000! Shop box!

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So you will find an apartment that fits your budget and needs. But you will really love to paint the room pink. And the microwave looks a little neglected. And the closet needs some shelves.

If you have a list of small improvements you want to make, it wouldn’t hurt to ask for the right upgrades that will save you DIY costs.

While taking a full belly allowance is out of the question, you can pick up a few small items before you go inside. This is especially true if they had crews working on other things while you went inside.

How To Negotiate Apartment Lease

During the winter months, when business is slow, we often see Chicago rents drop. Promotions and discounts are also thrown in to entice new tenants. This combination makes winter the best time of year to live for savvy savers.

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Another tip of the rental agent will definitely help you take advantage of choosing the right day of the week to start your rental.

You may be surprised to find that rental prices change daily for many properties. Sometimes the price is high Friday to Sunday and drops mid-week. Do not provide the exact start date of your lease. You don’t have to live a day at a time, which makes it easy to reap the benefits of this trick.

Now let’s see the savings add up! Let’s say the price is $50 lower on Wednesdays – that could be a $600 saving on 12 months’ rent if you start midweek instead of Saturday. It’s totally worth it to start renting early if it means you’ll save hundreds over the entire season.

If you plan to move in the winter or start renting in the middle of the week, you can save a lot of money on rent.

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If you can manage to pay the rent in advance for a few months, or even the entire lease term, you will probably be able to negotiate a lower rent. This little trick is probably best tried with a private landlord. 🙂

Moving into an apartment complex that includes utilities in your rent can help you save on many living expenses.

Does the property have an amazing gym? You can cancel your gym membership. Is there free coffee in reception? Bye bye the daily Starbucks run. What about a shared workspace? Kiss your WeWork partner au revoir.

How To Negotiate Apartment Lease

Besides, just think of the money you could save if you could walk to work or use public transportation. Secure your car with your car payment and insurance. Cha-ching!

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Useful amenities included in your rent, such as a well-equipped gym at Spoke Apartments, can help you save on living expenses.

Having an expert by your side when trying to find a great apartment at the right price is a surefire way to save.

If you have never worked with a real estate agent before, I invite you to familiarize yourself with the importance of this service.

First – my team and I know hundreds of properties around Chicago. We take the stress out of finding your apartment and find you a great place in the perfect neighborhood.

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We also keep track of the latest deals and have information on ways to help you find savings on some of the best apartments in downtown Chicago.

Best of all, since our service is free to you, there’s no downside to working with a professional rental agent.

Working with a knowledgeable apartment finder can increase your bargaining power. It’s like activating superhero powers or leveling up your favorite game. Successful launch!

How To Negotiate Apartment Lease

Now that you’re armed with the tools you need to get down

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